Advance Auto Parts Axing 700 Stores

Advance Auto Parts Inc. (Raleigh, N.C.) has disclosed plans to close 523 corporate stores and 204 independent locations, along with four distribution centers. The company, an automotive aftermarket parts provider in North America serving professionals and do-it-yourselfers, disclosed those plans in the news release on its financial results for the quarter ended Oct. 5.

“We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business,” said President and CEO Shane O’Kelly. “We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value.”

While those plans initially involve closing some outdated or underperforming existing stores, the company said it will continue opening new ones, including 30 in its 2025 fiscal year and 50 to 70 in its 2027 fiscal year. In addition, the company’s plans include standardizing its store operating model and pursuing strategic sourcing to improve its first costs and get parts to market faster.

Overall, Advance operates 4781 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also serves 1125 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands.